If you have payroll tax problems and need payroll tax resolution services, you are facing a serious challenge. When it comes to the IRS trust fund recovery penalty, you need IRS tax consultants on your side. On account of the IRS trust fund recovery penalty, payroll tax problems lead to enormous IRS penalties and interest. There is a reason why the IRS trust fund recovery penalty is known as the 100% penalty. Payroll tax problems can affect your freedom to conduct business and forever close your doors.
Payroll Tax Problems = Payroll Tax Resolution Services
You need to take steps as early as possible to resolve payroll tax problems. On account of the IRS trust fund recovery penalty, the penalties accruing for unpaid payroll taxes can more than double within just a few months. It is crucial to take immediate action when dealing with payroll tax problems. Business owners do not realize that the money collected from the employees share of federal tax, Medicare and FICA does not belong to them but rather is the employee’s pay that must be paid to the government.
The IRS is highly concerned with payroll tax problems. The withholding portion of payroll taxes is deemed as the trust fund portion and subject to the IRS trust fund recovery penalty. Failure to pay the Trust Fund portion of the tax will result that portion being assessed to the Responsible Person/s (a “Responsible Person” is anyone that is a decision maker for the company that could affect how the payroll was dispersed).
IRS Trust Fund Recovery Penalty
Penalties for payroll tax problems, also known as employee withholding tax problems, are much more severe than they are with other tax problems. Long term Installment Agreements are generally not available for payroll tax problems. Due to the IRS trust fund recovery penalty, Offers in Compromise are virtually always rejected for unpaid payroll taxes. This is why IRS tax consultants are such a necessity when facing payroll tax problems.
IRS Tax Consultants Needed
If you find yourself faced with payroll tax problems pick up the phone and call the IRS tax consultants at the Tax Resolution Institute. Due to the IRS trust fund recovery penalty, do not waste any more time letting these issues remain unresolved. Time is money…a lot of money in this case.
About Peter Y. Stephan
Peter Y. Stephan, executive director of the Tax Resolution Institute, has been helping people resolve large, complex payroll tax problems and personal income tax problems for over 25 years. Peter has written a book "The Ultimate Tax Resolution Guide" and speaks on Tax Resolution topics frequently.